andtheunitedstatesthanit was 30 years ago. if you had compared 30 years agotheunitedstatesthedifference between the rich and the poor here as opposed to the countries of western europe we were the most egalitarian of countries. now we are the least. we have outstripped everybody else because our capitalism has been relatively robust and when capitalism can do its thing, it polarizes and when a polarizes, it creates an awareness which is probably also occur to you. if a growing number of people are having a hard time and there are are a shrinking number of people collecting enormous wealth, it will occur to you that this is happening and it may develop a resentment against the other group. if you have a system like capitalism coexisting, not that you have to, but if you have a system of capitalism coexisting with a democratic society in which everybody has both in the following insightful occur to a lot of people. week, the majority, are really getting screwed in the economy. the way to fix it, to reverse it, to offset it is to use the political system to get that result. in the politica

are reaction to a little-known amateur movie produced intheunitedstateswhichridiculed the prophet mohammed. it gained attention because an obscure florida pastor began promoting it, the same man who triggered deadly riots in afghanistan when he threatened to burn the koran. we want to go straight to cairo where we find nbc chief foreign correspondent, richard engel. richard, fill us in a little more this morning. >> reporter: good morning. a libyan source has told nbc news that the u.s. ambassador who was visiting the consulate was killed along with three others. not sure of the nationality of those three others. the u.s. state department has not confirmed this, but this has been told to us by a senior security source in libya. we've been also told that the libyan prime minister and the libyan president will both be speaking today about this subject, offering their condolences to the united states and to the family of the fallen ambassador. and this is according to the report. we were told that when gunmen and a mob stormed the consulate building, they first attacked it with rpgs, then the

for the country. against perceived internal and external dangerous forces.israel,unitedstates, firstat the regime. vicious than enough of that over the decades and afterward he went from credence to that notion, that paranoia. so the syrian population made this bargain with the regime that they would give freedoms in return for stability and security, especially with the examples of instability in lebanon and iraq on their borders. and so, that was the mandate. that was legitimacy for the asides to rule. they lost that because of the policy and bashar al-assad unleashing the dogs in terms of cracking down the opposition. his policy in instability and insecurity. so he no longer has legitimacy. in a broader sense he is solid. whether he stays in power, he'll never have the mandate to rule again and legitimacy he once enjoyed. >> host: are western policymakers assuming his fall is inevitable? and should they? >> guest: that's interesting. i've been contacted by media outlets wanting a quarter to an obituary for about a year now. every time the call, i say it's premature because the re

last october at the values voter summit. it has been crisscrossingtheunitedstatesregisteringvoters of sporting concerted candidates are running for office, and shining the light on this administration and its failed policies. please take a few minutes to step on board between new and to, today and tomorrow. it's parked recognize the exhibit hall. just follow the signs. you can't miss it. speaking of the exhibit hall we are delighted to have many profamily conservative organizations from all over the country or exhibiting with us. in fact, the second year in a row with so many we had to overflow in the air on the other side of the exhibit hall and was called birdcage walk. we plan to visit these wonderful exhibitors and to show them your appreciation for all the work they do. we are pleased to have our good friend of the media research center again as or sponsor of new media wrote located in the ballroom and, of course, you'll be hearing from a president roosevelt later in the program. almost finished. hang in there. i'm trying to make these announcements as dynamic as possible. [la

that it is going as you will understandtheunitedstatesweunderstand of madison and jefferson and washington how they form the country but would be a very good basis for understanding what was going on in the united states so current china was very much shaped by deng xiaoping. he came to power in 1978 and was the dominant person right up until 1992 for the period of about 14 years. what i thought i would do in the brief time today i was told to not talk for more than 20 minutes would be to talk about some of the forces that shaped what he was and what he did to transform china because 1978 the country that he inherited had a per capita income of less than $100 per capita. now is estimated somewhere rs/6000 and it's on the path of that he is headed on. there is almost no migration from the countryside in the city and since he came perhaps 200 million have moved from the countryside to the town and the city. when he came to power the country was still involved in the cultural revolution and the relevant nettie toward each other and he worked to unite the country to set it on the new path. what ar

theunitedstatesneedsto do is take the kind of leadership that will organize the international community to address these crises, and it does not appear that is happening in the way that is productive and it's the result that we want. which is basically not to have the interest at the military level. at least two other feelings, the power vacuum, and ultimately, those who fall into the power vacuum are radical islamists. >> while americans still have widespread support from libya, shown by pro-western demonstrations, they need the help of the libyan government to track down the ambassador's killers. >> with america and now, based on the old strategy or tactics, and that means all the work done by president obama's administration has just disappeared. it is like a waste of time. i believe america successfully manage to pull itself out of the so-called war on terror, which is very important for the future between us and america and the arab world. >> it is also the new arab leaders. they met in europe this week to seek financial assistance. >> we stand against anybody who harbors these fau

an address by his excellency, felipe calderon, president oftheunitedmexicanstates. .[no audio] [no audio] >> on behalf of the general assembly, i have the honor to welcome to the united nations, his excellency felipe calderon hinojosa, president of the united mexican state to address the assembly. [applause] >> send your president take -- -- mr. president and head of state and ladies and gentlemen -- out of conviction and as a result of history, mexico is a strategic ally of the united nations. we were one of the founding countries of the united nations and as a founding country, we fully share its fundamental precepts, the precepts of our great organization. for me, this will be the last time i will be attending as the president of mexico. it will be the last time i attended the general assembly of the united nations. over the past six years, my country has taken part in very different fora to pave the way for you and initiatives. we have endeavored to strengthen the u n and make it the main body for dialogue and peace and for security and for the application of international law and, i

judiciary led the way to social equality, racial equality intheunitedstates. andit was not just the appointments of earl warren and oral brennan to the supreme court, but the host of liberal republicans such as the president appointed himself like albert title of georgia and john of louisiana. these were the judges that were in the vanguard of the civil rights struggle. but the most significant judicial appointment i think that eisenhower made at that time is that of john marshall hall of the great conservative justice and just after the landmark decision in brown v board of education. shortly after that decision came down, justice robert jackson died leaving the vacancy on the court, and at that point roosevelt turned to the grandson of the great marshall harlem who would be the only dissenter in percy versus ferguson and 1896, the case legalized segregation by appointing the great dissenter eisenhower was making a statement he could not have adored. he said eisenhower was going to enforce it. when the segregation attempted to swap the integration in little rock eisenhower sent

.theunitedstatesdrewa clear, red line. iran backed off. different lines can be drawn in the i iranian nuclear program. but to be credible, a line must be drawn first and foremost in one vital part of their program -- on their efforts to enrich uranium. let me explain why. any bomb consists of an explosive material and a mechanism to ignite it. the simplest example is fuse.der in and a you light the fuse and set off the gunpowder. the gunpowder is enriched uranium in regards to iran's nuclear program. the fuse is a detonator. for iran, amassing enough uranium is far more difficult than producing a nuclear fuse. for a country like iran, it takes many, many years to enrich uranium for a bomb. that requires thousands of center fuses spinning in tandem in big industrial plants. those are green plants are visible. they are still vulnerable. in contrast, iran could produce a record detonator, the fuse, in a lot less time. maybe under a year. maybe only a few months. the detonator can be made in a small workshop the size of the classroom. it might be difficult to find and target that workshop

of residents,theunitedstatesagreedthe tilt rotor aircraft will not be flown below 150 meters or over densely populated areas. after the test flights, the u.s. military plans to transfer the osprey to okinawa by the end of the month. the u.s. hopes to have the aircraft in full operation by mid october. many residents remain angry about the planned deployment. defense minister will visit okinawa next week to meet with the governor and other officials. he will explain the government did all it could to guarantee the safety of the ospreys. but the governor is still skeptical. >> translator: the central government its not addressing our concerns properly. >> he said the government lacks sincerity in the handling of the matter. >> all rigaw >> the united states has imposed sanctions to a firm in belarus for providing arms to syria. the company contributing to the proliferation of weapons of mass destruction. the officials say the firm provided parts for aerial bombs syrian forces used against rebels. the treasury department will freeze the assets in the u.s. and ban the firm from dealing w

aunitedstatesofeurope? is this just a customs union? it's not so dissimilar to the formation of the united states, but the idea was let's not try to reach agreement on the end result because there is no consensus. let's take it one step at a time and develop the institutions as the problems come up. what was not foreseen as the context in which huge decisions would have to be taken emanating from the united states. the pressures are far greater than anticipated and they're being forced into making big decisions. we're going to find out if they're willing to make the sacrifices necessary to sustain it. yesterday, the peterson institute presented an interesting study whether there debt was sustainable. under most circumstances, the answer is yes. it seems surprising if the project would be abandoned in that context. >> next week, we have an interesting meeting for the fed. one friend of mine says the variants and potential outcomes is higher than most would remember. tell us how you think about the debate on an unconventional policy following the speech. >> i think there is one

monti, and we'll look at where we stand given the issues we're talking about intheunitedstates. >>very good, we look forward to that and over there in europe, they promised more stimwlus this bond buying program announced yesterday. and over here with disappointment, the expectation of more fed action has been heightenned. earlier on cnbc, paul ryan said central bank action made things worse, not better. >> you have a story of central banks stepping in to bail out lackluster fiscal policy. you look at the draghi press conference yesterday for one of the biggest reasons why, but there is no substitute for good fiscal policy. you can't expect central bankers to bail us out all the time. >> draghi said as much yesterday. >> our next guests think their actions stop the depression and are necessary. mark, why do you think representative ryan is right? >> let's talk about providing liquidity in 2008 and the actions sense. i think most of the problems in europe today and in america today are not problems of liquidity. there's not a lack of liquidity in our banking system or corporate

offered intheunitedstates. infact, in the world. and net, it is a very under-utilized program. no matter how hard we try to market it and sell it to our employees as a great resource, many people do not take advantage of it. it may be because it is viewed as, sort of, mental health. that -- what if my colleagues found out. so this is where corporate culture that walked the talk on health-seeking behavior can really make a difference. i learned this in my role. that's when i tell my -- why i tell my story. i tell my story to my employees, too. i say it is ok, because i believe you all need to seek whatever help you need to seek to be able to help with well being and also to do what's necessary to prevent suicide. and it really can make a difference. we have designed a comprehensive and effective suicide prevention program. we make a wide array of resources available to our members, employees, family members, to our clients' employees and family members, especially advocating for individuals to know when and how to seek help. this is available as well in the -- on the -- in the

. because one thing that is unique oftheunitedstates, yougo round, the free market system is really supported by a vast majority of the american people. this is not true in europe. it's not true in asia. it's not true and latin america. and my understanding of this, it is because they have experienced a superior form of capitalism. what drives this for a free market systems? because there's a tension between free markets and democracy. democracy was somehow intent for mortgage vision and free markets, equal outcome because it's necessary to provide proper incentives. so why people should support, and the answer is because number one, the system is so productive, so efficient that they make everybody better off, the engine of growth, brian was talking about. number two is because all this growth gets sort of than a decent enough share so that even the poor are reached, and the third one is because they think that this system is fair. and, of course, it's a bit of a vicious circle that what you think is fair depends on your view, edit your be the sort of the market competition is fair

to social equality, racial equality intheunitedstates. andit was not just the appointments of earl warren and william brennan to supreme court. it was a host of liberal republicans that roosevelt appointed himself. men like elbert tuttle of georgia and john wants in a louisiana. these were the judges that were in the vanguard of the civil rights struggle. but the most significant judicial appointment, i think, that eisenhower made at the time, was that of john marshall harlan, great conservative justice, just after the court's landmark decision in brown versus board of education. certainly after that decision came down, justice robert jackson died, leaving a vacancy on the court. at that point, roosevelt turned to harlem, who is the grandson of the great john marshall harlan, who had been the only dissenter in 1896, a place that utilized segregation, by pointing harlem, the main gate of the great dissenter, eisenhower was making a statement of the south could not ignore. desegregation was the law of the land and eisenhower was going to enforce it. when a mob attempted to block it,

have a fiscal and monetary problem here intheunitedstates. whatwill solve the problem right now? so far the fed doesn't seem to be able to create so many jobs right now. >> what bernanke said last week and i agree with him and the evidence points in this direction is the main reason we have an 9.1% unemployment is because of weak demand. if you're thinking about monetary or fiscal policy, on the fiscal side, it comes from tax cutting, spending increases, or both, and we have to worry about that. on the monetary side, what monetary authorities can do is reduce interest rates and try to reduce rates across a broad set of assets through qe policies. the fiscal and monetary side are trying to stimulate demand, and demand is missing to great stronger momentum. >> they're pushing on a string, rant they? >> the fed has the capability to act right now, and i think always, you know, again chairman ber knack key admitted that this policy tool is not a particularly strong tool. >> ben bernanke said that he creating two million jobs. they did analysis and said if not for what we had done, there

the obligations totheunitednations.that is whytheunitedstateswilldo what we must to prevent a run from obtaining a nuclear weapon. lou: the president was careful in his language. radical islam not mentioned once in his speech even though there is convincing evidence and a consensus that it was not an attack carried out by terrorists with links by al qaeda if not led by al qaeda. president obama did defend israel in the context of the 2-dissolution the palestine. president obama did not use the word allied to it specifically describe our relationship with the jewish state. the president refused one-on-one meetings with any of the world leaders. this is the same man who, as a candidate, pledged to, more than four years ago, the with our enemies without preconditions. he criticized the bush administration's unilateralism. >> the notion that i am not talking to countries is punishment to them which has been the guiding diplomatic principle of this administration is ridiculous. lou: we will be examining the guiding principles of president obama's foreign-policy tonight with armed services c

in our laws. our constitution protects the right to practice free speech. here intheunitedstates, countlesspublications provoke offense. like me, the majority of americans are christian and yet we do not plan blasphemy against our most sacred beliefs. >> watched that and was ripping my hair out. do we really think that was about the movie. here he is legitimatizing that point of view saying all this had to do with the movie. first of all do you believe that the attacks on the ambassador were -- >> president obama were a law professor he would describe that as a red herring that is totally irrelevant concern that takes the obama administration kind of off the hook for how they missed the ba on this. this was a planned attack. melissa: right. >> he had u.n. ambassador on a week and a half ago saying this was spontaneous attack that is ridiculous statement. these were grenades that were propelled in a massive way. these were massive arms. people don't bring these things to, to spontaneous demonstrations. now all this evidence is coming out that the ambassador himself had, had a dia

. there was no clear consensus about what is the ultimate goal oftheunitedstatesandeurope. is the goal of the one hand or is this just a customs union? it's so dissimilar as many have pointed to the formation of the united states. but here again the idea was let's not try to reach agreement on the end result because there is no consensus but let's take a step at a time and develop the institutions necessary as the problems come up. what wasn't perceived as the context of which the huge decisions would have to be taken was the mother of all financial crises from the united states. so, the pressures are far greater than we are anticipating and the year being forced into making big decisions. we are going to find out if they are willing to make the sacrifices necessary to sustain and. yesterday the peterson institute presented an interesting study of spain and italy whether it was sustainable the conclusion is of the plausible scenarios and the answer is yes. under the circumstances it seemed to me surprising if the project would be abandoned in a sense in that context. >> we and interesting meeting

introduced that topic as a very essential topic of the foreign policy oftheunitedstates. itwas not theory. it became a reality. and one by one the countries of derision which were not used to elections or not used to democratic governments for many years and decades suddenly one after the other started to become democratic governments. and, of course, after he left the presidency he didn't go home to write memoirs and maybe play some golf. he has a beautiful house, i enjoy to visit you. he decided to be, continue being a big player many -- in supporting the same principles, human rights and democracy. and we see president carter going from one country to another observing elections. he has the ability to have the possibility to talk in friendly, in a friendly way with different actors in the region. i have witnessed that. it could be that maybe some actors are antagonist to the united states. maybe some of the actors do have different views about how the world should function. or different cultures about what democracy is. but president carter has the talent, the ability, the wisdom to in

investment, which, in turn, would lower the growth of incomes intheunitedstates. andso, while we talk about growing the economy and economic growth and the need to get businesses around this country hiring again, at the same time there is a negative pressure being place odd them because congress can't do its job to control spending. $16 trillion in debt. you mentioned it was nearly $51,000 for every man, woman and child. we have a 10-month-old, he owes $51,000 as a share of the federal debt. $51,000 a piece. and that negative pressure, that mounting debt, deficits that are over $1 trillion a year, makes it moran more difficult for businesses to have access to the capital they need to grow and make it difficult for companies to operate because they find themselves competing with the federal government for those scares resources. next thing, the government will have to look at tax increases. and so the challenges our bases face, congress, can you get government out of the way so we can let america work and run our businesses the way we want to, not the way washington wants to. but at th

intheunitedstates. someindexes they watch on a weekly basis have been lower recently and that will fuel a lot of talk about a bit of a slowdown. front-running the fed, guys, did you see what happened yesterday? i pointed out some of the biggest etfs in the high yield area. i'm talking about j&k had heavy volume and hitting new highs. why is that happening? a lot of people believe at the minimum the fed is going to extend forward guidance to keep interest rates low to at least 2015. all of that would be a big beneficiary to high-yield funds who are forcing people to go out on the yield curve. this is one simple way people are already anticipating exactly what the fmoc is going to be doing. back to you. >> terrific, bob. got to ask rick. looks like people sell bond, shift bonds to the dollar. rick is at cm group in chicago. >> thank you. i guess we should welcome europe to the same club the u.s. is in. lots of liquidity. maybe more liquidity coming. and a generally weak economy. welcome to the club. if you look at our charts, they pretty much reflect a lot of what central banking is doing

the danger confronts us here intheunitedstatesorabroad. in june of 2009, fbi director robert mueller acknowledged the immense challenge facing the bureau stating: it is not sufficient for us as an organization to respond to a terrorist attack after it has occurred. it is important for us as an organization to develop the intelligence to anticipate a terrorist attack. developing intelligence, developing facts. in the past we looked at collecting facts for the courtroom. we now have to think of ourselves as gathering facts and painting a picture of a particular threat understanding the risk and moving to reduce that risk. and i couldn't agree more with the director's statement. and then on november the 5th, 2009, a gunman walked into the soldier readiness center at fort hood, texas, and shouted the classic jihadist term, allahu akbar, and opened fire on soldiers and civilians. he killed 14 and wounded 42 others. this was the most horrific terrorist attack on u.s. soil since 9/11. today we will examine the facts of the fort be hood case as we know them -- fort hood case as we know them

. >>theunitedstatescondemnsin the strongest determines this attack. we will work with the libyan government to bring to justice the killers who attacked our people. >> obama said the attack will not break the bonds between the countries. the president of libya's national assembly apologized at a news conference in tripoli. mohammad garias acknowledged that film insulted the prophet muhammad. still, he said retaliatory attack cannot be tolerated. the film at the heart of the protests has angered people across the middle east. it depicts the prophet muhammad and includes scenes of sexuality. hundreds of egyptians protested for a second day in front of the u.s. embassy in cairo. authorities have sent in more security forces to watch them. >> translator: i'm deeply hurt, seeing the prophet insulted. the u.s. should give consideration to the sentiment of muslims. >> the protests spread to tunisia, jordan, and morocco. part of the film is now online. many muslims consider any depiction of the prophet muhammad offensive. >>> the wait is over for those queueing up to see the latest lineup of produc

intheunitedstates, however,on the fiscal cliff, which you are very concerned about. the xpiration of the bush tax cuts and automatic spending cuts that come if there's no budget agreement. how do you view this playing out? what are the implications for the market? >> i think this is very important. last week maybe the point when investor sentence focuses on this instead of europe. first of all, the size of the fiscal cliff at about 650 billion, 4% of gdp. it would be hitting at a time when the economy is weak and particularly the consumer is weak. i do think this represents a big danger to the economy. the challenge is it's not discounted into the price. we're all talking about it, i've met very few investors who believe it will happen. if we do start to move to an environment where it becomes more likely, it will create volatility and also hit equity prices as well towards the end of the year. >> how do you invest against that kind of back drop? where would you put money to work right now? >> i think there are a couple of things investors can do. one thought is for those that hav

agency issued a warning totheunitedstates. moody'ssays if congressional negotiations fail to stabilize america's budget, moody's will lower the debt rating. mark zuckerberg maez made his first appearance at a technology conference. he said facebook was focusing on mobile. the stock price was disappointing, he said. facebook has half of the ipo price. >>> apple introduced iphone 5. it is faster, lighter, thinner and has a small ir dock connector called the lightning rod which is not compatible with earlier phones. apple stocks hit highs after the announcement. >>> a major move by the fed but what does it mean for your money? who better to answer these questions than pimco officer bill gross. he runs the total return fund. thank you for your time. >> thank you, marie. >> so much to talk about. let me begin with the fed action. $40,000 billion of securities a month to help boost the economy. could the fed have done more? was this throwing everything at the economy in your view? >> i think this is the most significant step since paul promised to break the back of inflation wit

.s. prospers. to say manufacturing jobs in general are going to come back totheunitedstates. mostchinese products of low cost are going to go other places. they aren't coming back to the u.s. we have to recognize there's a dramatic ure ing in the world and everybody is part participating in it. >> we know the competitive situation always leans towards china because they've got much lower, you know, costs there. so companies are going to send workers to china and going to manufacture in china. what's great about china slowing down for the u.s.? >> i would agree with robert that, yes, there's a structural rebalancing going on. but this rebalancing is great because this enables for china's middle class to grow and create a service sector which can generate continued higher wages. that allows the private sectors in the developed economies to sell to china's middle class and not just depend on america's middle class. this way it gives a new engine of growth for nations around the world. and this is not priced into the markets. the markets have priced in the fact that china is slowing down but

, and he is the president oftheunitedstates. wilson,he is sick. but he sends his secretary of state to the convention to emcee the convention. >> host: he wanted the nomination. >> guest: he wanted the nomination, and harding, coolidge, hoover, fdr is on the ticket as a vice presidential candidate, and so you have this hook and so much else going on with the league of nations and everything other thing. and 1960, we move on to where you have three titanic personalities. we don't have six but we have three of the biggest name brands in presidential personalities ever. kennedy, nixon, johnson, and so very, very different. so very, very different amibitions in terms of personal, and something which i think resonates so much with folks who are reading books today. 1948, a great cliffhanger, and we love to listen to the experts and get the weather reports, and they're always wrong, and the polls are always wrong, and the experts are always wrong, and by god we love it when we're smarter than they are, and it turns out we can look back in hindsight and see how wrong they were in 1948. and

againsttheunitedstates. thatis likely to change today because we have friday prayers and there will be more widespread demonstrators today. but there are individual circumstances in each country which will play out in the future of relations. so the conditions in yemen are very different from egypt and we have the drone strikes in yemen which feed into anti-americanism there it and egypt, it's probably more to do with the closeness of the british regime. libya is more difficult. you have the risk of increased presence in the east which is kind of feeding the instability there. so a lot of different local dynamics at play. >> david, while we concentrate on this of course we're still working out what's going on with the really big story. which i don't want to downgrade it, but iraq of course. and how is that going to pap out? >> in terms of -- >> nuclear weapons. >> it remains very difficult because we're still trying to analyze what the israeli intentions are. that's the key going forward certainly before the u.s. election. there is a widespread fear that perhaps the i

been going in terms of violence, and also, he says this is not over yet because iftheunitedstatesdoesnot respond appropriately to his mind, which means punishing those involved with this film, he says these protests could continue. i said, what do you want to have dope to the filmmakers? he said, well, i'd like to see them tried in front of a sharia court meaning if they don't repent for insulting the prophet, he thinks they should be executed. that shows how quickly, simply how a jihadist leader talks about an anti-american protest brings out a few thousand people in front of the u.s. embassy. that shows the ground swell of anti-americanism now taking place in cairo. back to you. tracy: leeland, out in cay row, thank you very much. ashley: continuing with rising tensions in the middle east, oil traders growing more concerned as conflicts spread west to oil rich nigeria. phil flynn has more on this. are you concerned then, phil, what's going on in nigeria? >> i am right now. see, egypt doesn't produce a lot of oil, and because we built in good buffer of supply in case of a disru

this morning. they'll just try to get a share of the touch screen market intheunitedstates. toyour point about cash going out, more smart phones being sold than expected it is still a big shortage so the move today, is that indicative of -- >> they're not going out of business. >> even though the core operations remain unprofitable. their cash build was 2.3 from 2.2 on the quarter. >> they had more cash than previously. >> and their shipments continue to go down. they bleed people. >> you have the developing countries now. >> the pricing pressure is greater. >> there's always ban thought someone would buy them. but people felt why buy them because they'll run out of money and when they run out of money you can get them for nothing and you get all that intellectual property for nothing. there's a lot of companies that wish they had that keyboard patent. maybe that is worth something. i'm just saying that, look. i want the blackberry 10 to ship earlier. i thought becky's interview was terrific. it's very difficult to be as negative as you might have been before knowing that the restructuri

, intheunitedstates, imean, here we are with a different demographic story, we're living longer, people talking about living to 100 now. in fact, social security hasn't changed at all. so, shouldn't we be changing based on the evolution of a country, of a city? i mean, that's one of the issues. if you're going to be living longer and needing more of the benefit from the country, don't you need to change some of the promises? >> i'm all for change. change has everybody in on it. but we faced a very strong antitax, antibiotic spending, antigovernment ideology. when you're talking about a city, not the state or federal government, means the things people experience every day, cops, fire, sanitation, police, schools, that stuff turns out to be much more important to the quality of life than with e mig have thought. there's a work out here. there will be changes. changes will come. but it has to be done with decent respect for all the players. >> what do you think should be cut, then? >> what do i think should be cut? oh, i think you can find in any system -- >> where? what? give me one idea

. >>> the drenching that parts oftheunitedstatesgotlast week, including tornadoes out in queens, not really helping parched farmland. there are no farms in queens, are there? this afternoon we're going to get exclusive details on the economic impact from our senior economics reporter steve leisman. he's here live. >> in about three minutes we're going to get an e-mail from the guy that runs the farm in queens. it is a big impact from what's a small sector of the economy and it could even have an impact on the presidential election. in a detailed study of the summer's drought which scored soybeans, corn and other crops across the nation, macro economic advisors out of st. louis estimate it could shave as much as a half point off gross domestic product this year. that's a big hit to a $13 trillion economy from a total farm sector that accounts for just -- wait for it now -- 1% of the nation's output. ben herzon is the economist who did the study. pe explai he explains the drought's outside impact. >> even though it only accounts for 1% of the economy, big changes in farm output can show up in

able to read thattheunitedstatesisnot as prepared as it should be for this type of cyber attack. >> we're not anywhere where we need to be in terms of a country with respect to preparedness and ultimately in response. the head of cyber command, general keith alexander, i think put it best when asked to evaluate one to ten where the u.s. capability is. he put it at a three. obviously this is not a very good position to be in, especially when you have a number of actors out there. china and russia are very active in terms of computer network exploit. that's espionage in cyberspace. they're increasingly integrating cyber warfare into their military planning and war fighting capabilities. these are all issues we need to take very seriously and we need to enhance our own defensive capabilities as well as invest on the offensive side as we will never firewall our way out of the problem. initiative resides with the attacker. >> is it a money issue? is it an investment of money issue in the infrastructure to combat this kind of crime? or is there something else that the united states sh

who is saying there is great uncertainty about howtheunitedstateswilldeal with its high debt levels. that may be the case. perhaps deflecting some attention there back to the u.s. certainly it's getting its fair share of attention in the u.s. during campaign season, but nevertheless an interesting comment from the finance minister this morning. >>> let's check in on the equity markets. we've mentioned some of the big decliners in the luxury goods place after burberry came out with a statement talking about slowing growth in the most recent quarter. overall markets are down by just about half of 1%. that's the stoxx 600, so it gives you a pretty good view of the region as a whole. specifically the ftse 100 moving lower by 0.35%. the ibex is suffering to the tune of about 1.25%. in fact we put it in twice just to make sure you pay attention. in the bond markets, the ten year germany bund at 1.53%. yields in spap ain are still of course elevated, and italy 5.23%. and in the uk, the ten year lower 1.75. and on the legality of the esm, we also do have the election in the netherlan

doing well and running their plants at full capacity. obviously helped from sales intheunitedstatesandchina. and then you have the latins, french and italians facing substantial issues of sales and excess capacity. fiat closed a factory in siscil, but that was done at financial costs. >> as an investor, all the political pressure to stay in italy comes potentially at what might be in the company's best interests longer term. >> i think will is really the issue. i think one of the quid pro quo for closing the plant in sicily was to actually at least bring more production back into italy from poland and this is the new one they started producing at the beginning of the year and they already announced short time working so it's still not selling. >> is that reflective of concerns in europe or does it scare with what we heard out of daimler which was talk about slowing europe and china sales trends. >> daimler and mercedes specifically highlighted problems in southern europe. that plays into fiat's main market. >> and meanwhile journalist who had the story we're talking about fiat now

economy and that's whytheunitedstatesmustdo what we must to prevent iran from obtaining a nuclear weapon. >> and that's president obama speaking at the u.n. yesterday and ahmadinejad speaks today. in the next hour, the american muslim's response from the american islamic forum for democracy. joining us at 10:15. and elizabeth warren making headlines again, but do you remember this? >> in this country, who got rich on his own, nobody. you built a factory out there good for you, but i want to be clear, you moved your goods to markets on the roads to paid for. >> the woman who started the income envy debate with that rant. turns out she was getting paid by a steel company and that against the unions. could it be true? and that's not all. questions whether she's licensed to practice law. that is just one of our new at ten stories. and then we have barnes & noble. it's got a lighter and thinner e-reader. so, nicole, is the stock up? >> oh, yeah, the stock is up lighter, thinner, high def. you want 7 inches, you want 9 inches, want to be able to read in the dark and do you want a strong

of companies being started. there actually intheunitedstateshasbeen a dip in new starts. usually there's an upswing in new starts in the recession. we have a very unusual recession going on here. i think it's largely driven by the origins of the recession, that it was a finance-based recession. this has rippled through in terms of credit into the economy and it's changing the nature of available capital resources for startups. although your concern is logical, i don't think it's what's happening right now. >> the number one concern people have about the u.k. is the proximity to europe. this seems to be the number one issue. you can't do anything about the back drop. the government has pinned its hopes on programs like the funding for lending scheme. do you think this does anything to encourage small businesses? >> there's a couple of points in there. i completely agree that we have a challenge that our largest trading partner is the e.u. there's little to be done about that per se. but funding -- the lending for business scheme is a challenge in the startup context in a number of level

the world's largest economy intheunitedstates. iwould imagine if in three to ten years the financial system were to collapse because of the overprinting of money, i would imagine we would have a lot to do with that as the biggest players in all of this. does that mean that you are pessimistic about the united states' ability to come to grips with its unfunded liabilities and entitlements? is that what's going to cause this, we're not going to fix these? >> i'm very concerned that regardless of who will be in the white house next year, the republicans or the democrats, the fiscal deficit will stay above a trillion dollars as far as the eye can see. and that more money printing is on the way, qe 3, qe 4, so on. but you understand i want to clarify one point, i am bearish about the financial system and i think eventually it will collapse, but if you think it through, what is better to own in a systemic crisis, cash with the banks, treasury bills, or real estate in the u.s., or equities? i think that real estate in the u.s., i'm not talking about west 15 where sandy sold his condo for 8

30 times before it runs out of room to ignite that economy. unlike europe andtheunitedstates, thepolicy makers in china have plenty of room to maneuver, and that fact seems to be endlessly forgotten by the bears who point this out daily. sure, many of their banks are bankrupt. i'm not saying that i don't trust -- hey, they built a ton of bridges and tunnels to nowhere, but never underestimate the problem-solving power of cash on the balance sheet. and china's got cash up the yazoo if not the yangtze for good measure. then there is the united states. here we have the fiscal cliff. the fiscal cliff is something we have moderate control over because it's a question of political will. it can be resolved. anything that can be resolved will be dealt with in some fashion. and i think that's why the stock market has been climbing despite the obvious chasm ahead of us. sure, there are other reasons that could cause the selloff stocks. stocks have had a big run. valuations getting stretched if we have little growth ahead of us. twice in the last month federal express, man, they disapp

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